Energy-efficiency Trend to Drive Thermal Insulation Material Market
over 2016-2020, Emerging Economies to Remain Dominant
PMR indicates steady growth for the global thermal insulation material market over a
four-year forecast period, 2016-2020. By 2016 end, the revenues are likely to reach
US$ 45.073.8 Mn. The market will observe stable growth at a CAGR of 4.1% during
the forecast period. Developing economies will continue to lead the market globally,
witnessing strong growth throughout the next four years.
Rising urbanization and increased manufacturing and construction output levels are
the key macroeconomic factors expected to escalate the demand for thermal
insulation material. The critical need for thermal insulation in order to maintain any
industrial system’s performance will continue to sustain the demand for thermal
insulation material. Rising consumption of thermal insulation material by a wide
range of verticals, such as oil and gas, energy, petrochemicals, and food and
beverages, is projected to escalate the demand. Increasing manufacturing levels of
automobiles as well as aircrafts will also accelerate the market.
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Growing awareness about the significance of energy conservation and soaring
preference for minimum energy spend are expected to accelerate the market growth.
Efficient building norms in developed countries as well as emerging regulations
regarding efficient building construction in developing countries, will fuel the market
further. Governments of emerging economies are increasingly initiating building
efficiency norms in order to meet the standards of energy conservation. This will
remain a major factor boosting market during the forecast period.
Technological advancements in insulation material, such as high-temperature
insulation wool and bio-based insulation material may create lucrative growth
opportunities. Moreover, increased emphasis on green energy is expected to benefit
the sales of thermal insulation material. Promising introduction of vacuum insulation
and nano-insulation will also hold a positive influence on market growth. Low
awareness about the usage and expensive costs associated with thermal insulation
material are likely to remain the long-term challenges to the market growth.
Based on material type, fiberglass, stone wool, plastic foam, and others constitute the
key sub-segments of the market. On the basis of temperature range, the highest
growth will be observed in 1°C to 100°C temperature range segment. While this
segment is anticipated to expand at a CAGR of 4.6% over 2016-2020, −160°C to
−50°C temperature range segment will also register a significant CAGR. This growth
is attributed to burgeoning demand from the petrochemicals industry for cryogenic
preservation of gas. −490C to 00C temperature range segment will account for over
25% share of the market value in 2020.
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By regional analysis, developing countries in Asia Pacific are identified to remain the
largest markets for thermal insulation material. This region will continue to be the
largest shareholder with over 45% share in terms of revenues. While Western Europe
is another key market, North America is also projected to be a major market by 2020
end.
Some of the leading companies in the global thermal insulation material market are
Dow Chemicals Company, Saint Gobain S.A., Asahi Kasei Corporation, BASF SE,
E. I. du Pont de Nemours and Company, Bayer AG, Kingspan Group, Rockwool
International, Owens Corning, and Berkshire Hathaway.
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